BMW warns on 2019 profit and plans to cut $13.6-billion in costs GlobeBusiness
Group earnings before tax are expected to be significantly below 2018 levels, the company said at its results news conference in Munich on Wednesday.“Depending on how conditions develop, our guidance may be subject to additional risks; in particular, the risk of a no-deal Brexit and ongoing developments in international trade policy,” said Chief Financial Officer Nicolas Peter.
BMW said it would expand group-wide efforts to increase efficiency and lower costs but ruled out forced redundancies. However, the high cost of developing electric and self-driving cars will continue to weigh on earnings. The 2019 guidance of a 6-8 per cent margin came in lower than the investment bank’s 7-9 per cent estimate, he added.
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